Franklin Park officials tout lower property tax levy

Franklin Park officials said the village is continuing its trend of lowering its property tax levy.

"Our total property tax levy this tax year is at its lowest point since tax year 2009," said Village Comptroller Ron Heller during a presentation to the village board on Feb. 6.

For tax year 2016, the village's overall property tax levy is $14,274,062, officials said. In addition to this being the lowest tax levy since tax year 2009, it's also $493,000 less than the high of 2012, officials said

In an email Village President Barrett Pedersen further explained that the portion of the levy that is dedicated to debt service has also declined by $909,000 since 2009.

"In 2011, we sold bonds to build the police station. Since that time, all of our financing has gone towards sewer and water infrastructure, which are paid back by regular sewer use fees," Heller said in a phone interview last week. "And we've done a few refunding of bonds, too, which have saved us a few thousand a year."

Because the village incurred new bonded debt using non-refunding bonds, that debt was payable exclusively from water and sewer revenues and not the property tax, said Heller.

"Refunding a bond is kind of like refinancing your house," says Heller.